Saudi operator STC’s digital payments firm STC pay is in talks with Gulf regulators for approval to operate in the United Arab Emirates, Kuwait and Bahrain, Reuters reported STC Pay CEO Ahmed Alenazi. STC said on 21 November that
Alenazi declined to comment on the company's financials or growth, only saying that growth has been "massive" and that STC Pay has 4.5 million active users, with 500,000 people logging into to the application every day.
Stc Pay is the first fintech company licensed by the Saudi Arabian Monetary Authority, the Saudi central bank. Alenazi said the business is also hoping to become the kingdom's first licensed digital bank, allowing it to offer additional services such as lending. Alenazi declined to say whether STC Pay plans to go public at some point in the future, saying that would be up to its shareholders.
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